Cryptocurrency ethereum hits new record high again; dogecoin slumps
Ether surged past $4,000 Monday to hit a new record high, extending a stunning rally for the world’s second-largest cryptocurrency.
Cryptocurrency ethereum climbed to a new peak for a third straight day on Monday on continued optimism about further growth in decentralized finance or "DeFi", although some analysts said it was overvalued at current levels.
Ethereum has soared this year, fuelled by the boom in DeFi, which are platforms that facilitate crypto-denominated lending outside traditional banking. Many DeFi applications are embedded in the ethereum blockchain.
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Ethereum, the second-largest coin by market capitalization, hit an all-time high of $4,200 and was last up around 5.2% at $4,133.40.
Bitcoin , the largest cryptocurrency, rose to a three-week high above $59,600 on Monday. But it was last down 2.9% at $56,632.
Dogecoin, a recent outperformer, however, dropped sharply and was last down 10% at 48.2 cents, according to CoinGecko.com. The currency has been hurt by Tesla Inc (TSLA.O) chief Elon Musk calling it a "hustle."
Reference: CNBC
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